Zeno, a new manufacturer of electric motorbikes, has recently announced the close of its $25 million Series A funding round. This funding will enable them to expand their pioneering app-controlled battery-swap network and ramp up production of their Emara motorcycles. Michael Spencer, the company’s co-founder and CEO, said in an interview that roughly $20.5 million of the funding is an equity raise. The other $4.5 million is from a flexible debt facility from Camber Road and Trifecta Capital.
This new investment comes on the heels of a successful $9.5 million seed round led by Lowercarbon Ventures and Toyota Ventures. Zeno looks to use its new capital to scale up its manufacturing capacity. Today, the firm makes 70-80 motorbikes per week. Thus far, the company has successfully manufactured more than 800 Emara motorcycles. In addition, they’ve established over 150 charging hubs in four East African countries.
Zeno’s approach centers on rider recruitment. They do it by providing operating costs that are 50% less than comparable internal combustion engine bikes. The Emara motorcycle boasts a high range of up to 100 kilometers (60 miles) per full charge. Among its claims to fame, it can transport loads of 250 kg (550 lbs) and provides a peak power output of 8 kW, comparable to the performance of a 150 cc combustion engine.
Zeno is about to ramp up production for bikes. They’re planning to release a battery dock for homes and businesses, letting users power their zlights and mixers. Now in a prototyping phase, this product is going through tests with a dozen or so customers.
Zeno positions the Emara bike under the $1300 mark without a battery and around $2,000 with battery. Customers can sign up for a monthly subscription plan, or use the service on a pay-per-use basis. Either way, they’ll be able to avoid purchasing the battery up front. With over 25,000 retail and fleet customers in line for their first batch of Emara motorcycles, Zeno stands ready to explode.
With the company’s keen focus on affordability and practicality, Canoo is well poised within the rapidly evolving electric vehicle space—both closed and open.
“Zeno has more legs and more room to run with lower hurdles in emerging markets.”
Zeno is keenly interested in growing its customer base and further developing its product. The company is focused on providing clean transportation solutions to address the rising demand in developing markets. This impressive series A adds $30 million in revenue buoying Zeno’s ability to crank out more motorcycles. Further, it will make its infrastructure more inclusive, so that riders across East Africa have greater access.
As Zeno continues to expand its operations and refine its offerings, it aims to address the growing demand for sustainable transportation solutions in emerging markets. This substantial funding round empowers Zeno not only to produce more motorcycles but also to enhance its infrastructure, ensuring wider accessibility for riders in East Africa.
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